The increasingly important role of technology and innovation in modern strategic management emphasizes that strategic managers have an obligation not only to encourage new product and process development, but also to develop a system to ensure that technology is being used most effectively to result in useful innovations.

The reading also describes key issues and techniques under the headings of environmental scanning, strategy formulation, strategy implementation, and evaluation and control.

(A 4-page response is required, each section should be labeled Part A, Part B, Part C, Part D, and Part E.)

Part A How should a corporation scan the external environment for new technological developments? Who should be responsible?

Part B What is technology research and how does it differ from market research?

Part C What is the importance of product and process R&D to competitive strategy?

Part D What factors help determine whether a company should outsource a technology?

Part E How can a company develop an entrepreneurial culture?